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<p>a) At Budget 2014, the Government announced it will allow those with a defined
contribution pension to draw down from it after age 55 from April 2015, subject to
their marginal rate of income tax.</p><br /><p>At Summer Budget 2015, the Government
announced a cut in pensions tax relief for high earners by introducing a tapered annual
allowance for those with incomes (including the value of pension contributions) of
over £150,000.</p><br /><p>The Budget policy costings documents set out the assumptions
and methodologies underlying costings for tax policy decisions.</p><br /><p><a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/295067/PU1638_policy_costings_bud_2014_with_correction_slip.pdf"
target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/295067/PU1638_policy_costings_bud_2014_with_correction_slip.pdf</a></p><br
/><p><a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/443195/Policy_costings_summer_budget_2015.pdf"
target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/443195/Policy_costings_summer_budget_2015.pdf</a></p><br
/><p>All costings in these documents have been scrutinised and certified by the Office
of Budget Responsibility (OBR). This is in line with the Memorandum of Understanding
between the OBR, HM Treasury and HM Revenue and Customs (HMRC).</p><br /><p>b) The
National Audit Office audits HMRC’s financial statements, the adequacy of its revenue
collection systems and the value for money it achieved from its spending. This is
published as part of HMRC’s 2014-15 annual report: <a href="https://www.gov.uk/government/publications/hmrc-annual-report-and-accounts-2014-to-2015"
target="_blank">https://www.gov.uk/government/publications/hmrc-annual-report-and-accounts-2014-to-2015</a></p>
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